pls clarify the amendment regarding urban Land - the wealth tax on Agriculture land -
any notification regarding - FMs clarification on Agriculture land
CA Suryakant Sharma
(CA Job)
(30 Points)
Replied 11 June 2013
as per the latest finance budget laid by Mr. Chidambram it is made clear that agricultural land within the urban area limit are levyable to wealth tax.
Chidambaram said: “As the wealth tax is levied only on unproductive assets, there was no intention to levy wealth tax on the agricultural land which cannot be termed unproductive assets”. It also noted that wealth tax is not leviable on urban land which is “classified as agricultural land in the records of the government; and used for agricultural purposes.”
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